There are many types of insurance, out of which one of them is Health Insurance under which the insured person can take the cover and claim for his medical expenses. Health Insurance is a kind of contract signed between the insurance company and the customer, thereby undertaking a guarantee where the insurer agrees to pay a premium to the insurance company, and they in return would take care of the medical expenses of the customer in case of medical emergencies or accidents thereby leading to hospitalization.
The insurance company has tie-ups with some common and reputed hospitals to provide cashless medical treatment to the customer at the time of emergency. In certain cases, there are chances when you visit a hospital that does not have a tie-up with the insurance company; in that case, the insurance company will reimburse the insured person’s expenditure cost. Wondering is health insurance worth it? The government has introduced many health insurance schemes to promote it within the country and help the patients in their difficult times of medical needs. The government not only promotes health insurance but also provides a tax deduction in Income tax.
Health Insurance for the family:
It has become very difficult these days to stay healthy with the kind of lifestyle that we are having. May it be poor or rich, everyone is suffering from some of the other diseases, and private hospitals charge a lot more, which is enough to drill your pockets. Hence, you can always pay a minimum annual premium and balance your medical treatment costs for the safety of yourself and your family. Health insurance is important for all kinds of people as it helps in bad times when you have no one to help, especially when the only earning person of the house falls ill and at that point of time rather than borrowing money, you always have the better option of having health insurance to save the person from illness.
Is Health Insurance worth it for all?
But the question remains that Is health Insurance worth it? People who belong to Average class income would be able to afford the premium, or the mentality still lies where the premium looks like a hefty amount.
Still, when it comes to paying the hospital bill, they end up paying much more than the premium amount to change the mindset of people where they still ask, is the health insurance worth it? Health Insurance provides several benefits like ambulance charges, Consultation fees, Medical tests, hospitalization, and follow-ups.
Health Insurance comes up with some benefit policy:
- Hospitalization Coverage: Depending on the insured person’s insurance policy, it provides coverage until 60-90 days post-treatment.
- Ambulance charges: If the insurance company has a tie-up with your hospital where the treatment is being performed, it will cover the ambulance charges towards the treatment and pre-hospitalization charges.
- No cash treatment: Cashless treatment is on the go. If you are insured and your insurance company has the tie-up with your hospital, all you have to do is get yourself hospitalized.
- Bonus health checkups: As a premium membership, some insurance companies also provide you with free health checkups if you have not claimed any insurance in the previous year.
- Benefit of Tax: Under section 80D of the Income Tax Act, it states that any premium paid on due dates for Health Insurance is eligible for a tax deduction.
After analyzing all the above benefits, you can say that Health Insurance is worth it.